Egyptian billionaire Naguib Sawiris has launched a new bank that operates in several European countries to finance small and medium enterprises (SMEs).
RiverBank S.A. announced its official start date as of April 10 after receiving a full European banking license from the European Central bank (ECB) last March.
A press release stated that RiverBank is a specialised lender dedicated to the financing of small and medium enterprises; it is currently looking into Benelux Union countries and Germany.
The bank is targeting a volume of loans that varies between EUR 75,000 and EUR three million, in addition to mutual investment opportunities that could reach EUR 10 million in value.
RiverBank will be composed of a light corporate structure. Until 2018, RiverBank will offer competitive online savings products and further expand its core lending business. Its technology will be supported by a credit team, which will guarantee superior credit risk supervision, according to the press release.
“The bank is considered an addition to our huge investments in Luxemburg and Europe,” Sawiris stated.
Co-founders of RiverRock ECP LLP Professor Roland Berger and Michel Péretié, said that the creation of RiverBank would complement their strategy to support the backbone of the European economy.
In Forbes 2017 Billionaires List and with a fortune of $US 3.9 billion, Naguib Sawiris ranks the second richest locally and 460 globally.
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